A.M. Best Withdraws Credit Ratings of National Building Material Assurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Aug 3, 2018--A.M. Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of National Building Material Assurance Company (NBMA) (Indianapolis, IN).
Clear Blue Specialty Insurance Company completed the acquisition of NBMA on July 23, 2018. Concurrent with the sale, the inter-company pooling agreement between NBMA and its two former affiliates, Pennsylvania Lumbermens Mutual Insurance Company and Indiana Lumbermens Mutual Insurance Company, collectively known as Pennsylvania Lumbermens Group, was revised effective April 30, 2018, making NBMA a clean shell at the time of sale. The sale of NBMA has resulted in A.M. Best withdrawing the Credit Ratings (ratings) of this entity. A.M. Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating update was not able to be completed, as NBMA was a clean shell at the close of the transaction.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Robert Valenta, +1 908-439-2200, ext. 5291
Senior Financial Analyst
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
Raymond Thomson, CPCU, ARe, ARM, +1 908-439-2200, ext. 5621
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
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PUB: 08/03/2018 04:51 PM/DISC: 08/03/2018 04:51 PM